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Search Results 0 to 30 of about 31 (some duplicates have been removed)
forget which sound bite said it, but come is that this will not add one crept to the deficit -- one cent to the deficit, but money for first time in history that more people are taking out than putting in, treasury tooks money and spent it on missiles, paper clips and pens, now they have to write the check, they owe money to all of social security resiv resip rec. >> if we ranur be the way that washington runs theirusiness there would be a huge problem. tom: they would be in jail. >> or lose a job or out of business. i'm confident this message will be delivered, someone has to tell the public on a consistent basis we cannot sustain this. tom: i got a comment the other day from said -- someo that said, don't you think, this is the problem, this is not an entitlement they say pause we paid into it the come was, don't you think there issu are hundref billions of dollars they could cut first. >> that is the real problem is the budget. tom: talk to me about there is two social security funds, the old age, and survivor's fund, retired people. and there is the disability fund. we added 8 almost
. federal deficits were .8%. that's .8% of gdp. now our trillion dollars federal deficit amounts to 7.3% of gdp. back then trade was aa contributor to economic growth for the, economy. reunion $500 million at $4.2 billion adjustedio for inflation, and we're running a trade deficit,it trade deficit $536 billion. $536 million. back then social security made up 6.5%. 6.5%. of the federal budget. 6.5%. the decayed and medicare didn't exist back then. let's compare that to what we are doing now. a 20% of the budget on social security, and then we throw a 21% more of the federal budget for medicare, medicaid, and another 13% for other social programs, food stamps. so that comes up to a whopping 54% of the budget. 54%. forgot to mention this. it is kind of important, isn't it? back than median family income was about $38,000. $38,000. today it is $62,000. we will pretend that looks like a two and that looks like a six. we haven't done too well, more than half a century in raising a the median income ine this country and that is something he is right about, we do have to fix that. imagine thi
have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program. we're in the church. do you know what happened? when we f
nothing on entitlement reform, it doesn't come close to reducing the deficit, much less the $16 trillion debt, soon-to-be $18 trillion debt. so i'm not going to vote for a pan sea. i'm not going to go around washington and hope the editorial boards are happy and pat each other on the back. your viewers ought to demand a solution. and what we are going to do in the next week is a deal. and they deserve better than a deal. >> you know what is disconcerting, the millions of americans that can't afford to go on vacation that are worried about their tack pass and finances and how to feed their family and how to write those checks for the bills that they know are coming. and yet then you have members of congress and such going on vacation, even the president himself. we would all like to go to hawaii but honestly it was very upsetting. so many people i talked to over the holidays they are saying what are they doing? they should be sitting there doing the tough work we pay them to do, representing us in their various districts and states. >> the optics are terrible, but here's the reality, kimb
of these politicians, mayors, governors should take a half cut pay to pay down the deficit. host: we are going to move on to darwin on the line for independents. caller: it is like the pentelikon, back in 1968 i was even fighting with the pentagon over budgets. you always had to have everything kept the same. nobody was going to change anything because next year there were going to pop everything by 10%. they told you got to worry because you would get 10% more. that goes all the way back to 1968. they just keep dwelling on one thing over and over again. i would like to know from the boston globe or the herald is asking for pictures of -- host: let's move on to del on the line for democrats. caller: this is an outrage that they cannot tax the wealthy by an additional 4%. this is the lowest tax rates that have ever paid in the united states. considering that their incomes are vast compared to what they used to be many years ago when they paid a much higher rate, they are wealthy and they do not want to pay. 4% does not amount to enough to affect the deficit. maybe we ought to consider 15% or something
to worry about and doesn't matter if they sell a lot at the low price. this year, it's deficit and have a lot of inventory. they have gone from managing sales to inventory, that's where the profits go out the window. they want to sell out than sell off. >> more people bought gift cards this year than bought product? >> you tell me, what was on your list this year new and exciting. >> nothing. i wanted socks and shirts. >> you have two things happening, more gift card because nobody knows what to get you- >> and i returned them. >> and they bought you a bad gift so they frankly didn't know what to get you so they foot go something and you will drive more product. >> for $100 go on a gift card how much doesn't get spent? >> 80% don't spend the money and those that do spend spend 116%. stores do like it when they get you in. 16% never get redeemed, money sitting in a drawer. >> marshall, thank you. >> the big old -- what is that a windsor? >> a windsor. double windsor. >> why? >> you try to change the look. don't always want to go narrow. is that a brioni tie? >> what is this a foreign han
reduces the deficit $23 billion. the last farm bill that we passed was completely paid for at my insistence, as budget committee chairman. if everybody else were functioning the way the agriculture section has, we would not have a problem. we in the agriculture committee face up to reality. we had more pay-for spend expenses. -- baena expenses. i think it demonstrates this is possible to do. by you've got to have leadership. and you've got to have people who are willing to make some tough decisions to get it done. >> we have about five minutes. you have decided to leave your papers to george washington university. why is that? >> i went to george washington university and got my master's in business there. they are tremendous resources there to take advantage of this collection, which is really loaded with history. >> what kind of things will researchers and historians find in your papers? >> they will find that kent conrad has had a single-minded focus on fiscal responsibility for 26 years. my staff says a remarkable thing in looking at this collection is how consistent i've bee
taxation by using a flat tax. that way you can calculate the amount of taxes we need for the deficit over 10 years. another point is to control the spending on entitlements by not giving millionaires social security benefits, thereby satisfying president obama's approach. instead of doing it through taxation, he can do it through the entitlements. guest: those are both ideas that have been raised, especially the social security and medicare benefits for the wealthy and potentially might not need them to live off of. one tricky part of that is wealthier americans have been paying these taxes for decades into social security and medicare if and a lot of folks have a problem with the idea of taking away their benefits they have paid for if just because they happen to be more well off. and issued the first caller raised and something to watch is this could really sort of set the tone for the president's second term. if this thing gets ugly and stays ugly, it's probably going to stay that way at least another year or two, and the next thing you know, he's a lame duck president. if we cut a dea
deficits, it is very hard to say that there should be a substantial increase of foreign aid when we're talking about going off the fiscal cliff and we do not have enough money to do some basic things with we should be doing at home. i think this is the worst possible time to do it. in general, we're underfunding in my estimation foreign aid. we do foreign aid because it is the right thing to do, but it is the right thing to do for the united states. we need friendly countries around the world, we need countries that emulate us. we have much to share, much to give to the world. i think it helps the united states. it also helps stimulate our economy. some of the aid we give is put right back into our economy. >> when we're talking about the fiscal cliff, we heard so much about spending and revenues over the next decade. is the best scenario over the next decade merely a maintenance of existing foreign aid? >> certainly we should maintain it. we have in fact cut back on foreign aid. at the very least, we should maintain it. i would like to see if we get to a place where we can have som
of spending. stuart: look at $1 trillion deficit every year the last four years. >> the budget control act koch $1.5 trillion in spending. stuart: don't you get it? >> over ten year period. [talking over each other] stuart: i insist on this. president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to proceed forward. stuart: what we need more than anything else is to stimulate the private sector and you don't do that with more spending and we need to control long-term entitlement spending. we have to reform entitlement programs. that would fix things. stuart: i agree with you on a ladder but not the former. stuart: where's the president's reform program? >> that pr
is pushing for new taxpayer support for wind projects. with our budget deficit soaring an intense debate is heating up over whether the government should be throwing your tax dollars at industry the first place. i asked robert bryce, senior fellow at the manhattan institute about this issue. let's start with the tax credit. >> sure. gerri: this is industry, let's face it they don't have a whole lot to show for themselves yet we subsidize them to the tune of $1.2 billion. why? >> remember the industry said we're all about reducing carbon dioxide. that was the whole argument. now it shifted we create jobs argument. if congress does not extend production tax credit we'll lose 37,000 jobs. they might get an extension but there is big push among utilities, a lot of groups to end the tax credit and it very well could be ended. gerri: it doesn't work that well. 84% fail to produce electricity when the demand is great. as a solution to our energy problems how would you rate it? >> it is not a solution and it is wholly dependent on electric utilities and electric generation that can be dispatched
, if we want to make a dent in the deficit. i mean this is the choice that is going to be in front of us. if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and
cut the deficit budget. the court took issue with not with the tax, but taxing household equally. and for the latest headlines log onto foxnews.com. you're watching the most powerful name in news, fox news channel. >> paul: welcome back to this special he edition, journal he had t.editorial report. and this year continued high unemployment and slow economic growth. what can we expect in 2013? we're back with dan henninger, mary anastasia o'grady and dan moore. mary explain the slow growth and the markets. >> if respect to the markets, i would say if you look at a chart for, for example, the s&p 500, you go back to april of 2011 to october of 2012. you're basically flat. there's a lot of churning up and down, but in the last months a pickup there and certainly, from the end of -- from the beginning of this year we saw a run on the market, but you don't have a great return if you're a long-term investor. >> paul: right, so, okay, if growth is still slow, okay, why are-- and some people are still investing in companies and the corporate balance sheets earnings have been pretty good,
has to be matched with real action, spending cuts and other ways to reduce the deficit, that is exactly the fight we are fashion. he doesn't want to have that. republicans are dying to get into that. >> reporter: do you think the president for political reasons wants to go over the cliff? barrasso said so. look, there are a bunch of others who think so. >> there are certainly some on the left who also, just like conservatives, there are some on the left that do. i don't think the president does. part of the reason, just like i don't believe john boehner actually does the house speaker. there is this group in the middle, first of all they are not sure where the political blame would lie. it could end up on them and they want want to have that happen. second of all these are deal mayors. they came to washington to get deals done. and they see the result, the goal as a deal to get past this rather than looking at the numbers. the folks on each side eve are looking at the numbers and they say the deficit would be in better shape and the economy in the long run is in better
will turn to a deficit on 2013 in the increasing demand in the auto industry where palladium is used in systems for cars. combined with the global system supply. a rally that began in earnest at the end of 2012 will go into overdrive in the new year. . >> joining us now is dan dickert. you just said palladium. that's a big pick for you? >> i was surprised that sharon spoke about palladium. it was my sleeper bet for 2013. >> what's going on with palladium? >> it's a real industrial metal. it's in short supply. it's undertraded, underowned and one of those industrial metals. it's one of those sleeper metal plays that you can make. used in vehicles? >> in the cat converters. that's the main use for them. there's a real shortage that's been going on in palladium. >> look into the crystal ball. give us an oil price if you came back here a year from today. >> this is the toughest one ever. this is the third year i've conpredictions for you twice. it's not so bad. >> you said it would fluctuate? >> there was one guy who said it would rachet between $130 and $160. i said you have to do bette
. in the meanwhile, useful from my perspective to lock in some additional revenue to help on the medium term deficit. >> there are people on the left like paul krugman that say in this whole idea of comprehensive tax reform unleashing economic growth is nonsense. is that -- >> most of the evidence suggests that there is some benefit from a more sensible tax code. i think in 2013 itself, we have larger problems in the sense of inadequate demand, but i think it's hard to argue that we wouldn't do somewhat better with a more sensible tax code. >> one piece that you've been pushing is a consumption tax as part of this comprehensive tax deal. you know that a lot of economists think it is a good idea. we should tax consumption and get the savings rate up. it seems politically dead on arrival. i think paul volcker mentioned it and in response, 96 senators passed a sense of the senate resolution that this was an evil idea. >> here's the way i think about it. we're not going to get a consumption tax in this discussion this year or next spring either. the reason it's inevitable, on the republican side, it is
deficit. that's not draconian, that's not even that serious. >> warner: let me ask you this. the tea party has been since its -- at least inception when it burst on the national scene in '09 against the obama health care plan. been very vocal, had rallies and protests voiced its view and put pressure on lawmakers. they have not done that this -- in this go-round. there's no rallies calling on members of congress to stand firm against any compromise. what what explains that? >> i think it's a seshl movement and it's evolved dramatically from those protests in 2009. we were involved in those and those were very important at that time. you're seeing an evolution in developing sophistication at the very local level amongst activists. they're very aware of what's going on on the fiscal cliff. they're very aware of what a budget resolution is and you see that pressure applied to both republicans and democrats. >> warner: quietly. >> well, we're not a protest movement anymore. we're something else. we're going to be seating candidates, recruiting candidates in the next cycle and that's a level of
the special mission had to rely on a militia, with skill deficits. overall, the board found the security systems and procedures were implemented properly by american personnel. ecosystem's themselves and the libyan response fell short on the night of the attacks -- those systems themselves and the libyan response fell short on the night of the attacks. their decision to depart the special mission without ambassador stevens kim after repeated efforts of many u.s. security agents -- came after manytepeated efforts of u.s. security agents. benghazi, tripoli and washington coordinated effectively with each other on the night of the attacks. the interagency response was timely and appropriate. but there was not enough time for u.s. military forces to have made a difference. having said that, it is not reasonable nor feasible to tether u.s. forces at the ready to respond to protect every high risk post in the world. we have found that there was no immediate tactical warning of the september 11 attacks. if there was a knowledge gap in the intelligence community's en understanding of extremist m
intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we can do it. we need the public to rain and behavior that's destructive and we need political leaders to act forcefully. given enough to bipartisan commissions and searched enough for bipartisan consensus. for sensible hard all politics along these lines. >> norm, i particularly cutie take the money question. a couple political had a great shared that showed that party polarization in congress was directly correlated with increasing concentrations of wealth from increasing equality went together artisan polarization. and the money question you can handle so many different ways. i'm really concerned about it posed citizens united system with a federal election commission that's
to people in united states of america who are in need of help, or help reduce the deficit that was testified to be the greatest national security threat to the united states of america. it is a matter of priorities. i appreciate the very noble -- i emphasize the word noble -- effort to help people who are in harm's also way in various parts of the world. my colleague from florida mentioned somalia. certainly in vietnam we tried to do the noble things. we're in a different financial reality. in the absence of a national security interest in the congo, i am afraid that sequestration will force us to retract even though we may wish to the contrary. i yield back the remainder of my time. >> a couple of questions. sequestration is not only obama's, but also our responsibility. i believe we voted for it. >> i did not vote for it. >> we talked about this whole issue. it has been suggested that perhaps -- >> $80 million. is that more or less correct? [indiscernible] >> we will hear that in a few moments. if that is correct, i would point out that this really is a national security issue for america
to the debt and deficit. what impact does that have? >> i think that have essentially no impact. the u.s. has been growing since june of 2009. this is not a case where the government needs to step in and stop a free fall. the problem is we're growing too slowly. we are growing at rates that are 1, 1.5, 2%, and we should be growing at rates of 3 and 4%. to do that we need permanent fixes. fixes to entitlement programs, tax reform, that's the recipe for more rapid growth. it's also the same recipe for fixing the debt. gregg: how about 7 and 8% growth which is what happened this ronald reagan reduced the tabgts rates. the tax rates. >> that would be phenomenal. we haven't seen that since the 1980s. it will take a very big pla change in the playbook in washington for that to happen h. gregg: thank you very much. >> thank you. gregg: what will it cost you if washington can't make a deal before next week, something that is looking more and more likely? you can find out all you need to know on our website foxnews.com/politics. patti ann: new details now on a technological brea breakthrough that has
i've been working with leaders of both parties on a proposal to get our deficit under control. avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. >> how we get there, god only knows. >> will an agreement bring positive change to the economy? former economic advisor to president reagan, art laffer is here. >> how is everything going? >> going we will on this end. not washington but on this end. there's recap for a second, if you will. the laffer curve that you game famous for. that's your theory on tax rates and revenue and it shows, the laffer curve, if you have a tax rate of zero obviously you correct zero revenue to run the government. if you have a tax rate, your theory holds of 100%, you also probably collect zero in revenue because you've disincentivized people to get to work. somewhere in your curve is the sweet spot of the tax rate that would allow for the most revenue. what is that sweet spot? >> i don't know where it is exactly, obviously. but i know the laffer curve, the operation in the upper income groups is much more sensitive to
Search Results 0 to 30 of about 31 (some duplicates have been removed)